Dubai: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – and the global crypto exchange Bybit have announced the launch of a USD 100,000 hackathon to further the development of the thriving Web3 ecosystem in Dubai.Announced during an event held exclusively for DMCC Crypto Centre members, the hackathon will take place in Dubai on 22 November 2023 and is the latest milestone between DMCC and Bybit since both sides announced a strategic partnership in June to accelerate the mass adoption of crypto and web3 in Dubai.With a total prize pool worth USD 100,000, the hackathon is specifically geared towards fostering crypto innovation in Web3 and will be the first of this scale in the MENA region. During the final stage, up to 10 teams will compete to develop creative technical solutions to a range of challenges within the fields of artificial intelligence (AI), gaming and information security.Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “Dubai is fast consolidating its position as the most important Web3 hub in the region, and the DMCC-Bybit hackathon is the perfect testament of this in action. As Dubai continues its transition into an innovation-driven and knowledge-based economy, furthering the development of Web3 technologies is vital. This will be the largest hackathon of its kind in the region, pioneering the latest technical innovation in areas such as AI and gaming. We are delighted to continue our partnership with Bybit as we look to boost our Web3 community at DMCC Crypto Centre.”Ben Zhou, Co-founder and CEO of Bybit added: “Tapping into the high levels of Web3 innovation taking place in Dubai is a key pillar of our strategy as we continue growing our global market share. This partnership with DMCC is enabling us to do exactly that, so we are excited to host the largest hackathons that this region has seen and further build our symbiotic relationship with the DMCC Crypto Centre.”This year in June, DMCC partnered with Bybit to provide financial support totalling AED 500,000 (USD 136,000) for new crypto businesses looking to set up at DMCC Crypto Centre. In turn, Bybit became the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Headquartered in Dubai, Bybit is the world’s third most visited crypto exchange with over 15 million users.With over 550 members, DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.Hackathons are competitive technology and coding events in which individuals or teams try to accomplish a goal or number of tasks. Applications for the DMCC Crypto Centre-Bybit Hackathon can be made via https://i.bybit.com/IabbYaT.

DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has partnered with DWF Labs, a global digital asset market maker and multi-stage web3 investment firm, to offer a new USD 5 million growth platform for web3 and blockchain businesses at the DMCC Crypto Centre.As a new ecosystem partner, DWF Labs will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally. The partnership was announced during the “Sunset Meet and Greet” event organised by DWF Labs on 24 February 2023 in Dubai.Building on the Crypto Centre’s wide offering, the DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments.DWF aims to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.Andrei Grachev, Managing Partner, DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations. Home to over 550 businesses operating in the web3 and blockchain space, the DMCC Crypto Centre represents the highest concentration of crypto firms in the region.